Death of a Crypto Company

<p>Born in response to the 2008 financial crisis, cryptocurrency was supposed be a form of money that eliminated the traditional gatekeepers who had overseen the tanking of the economy.</p><p>But a crash in value recently has raised questions about cryptocurrency’s central promise.</p><p>Guest: <a href="https://www.nytimes.com/by/david-yaffe-bellany?smid=pc-thedaily">David Yaffe-Bellany</a>, a reporter covering cryptocurrencies and fintech for The New York Times.</p><p>Want more from The Daily? For one big idea on the news each week from our team, <a href="https://www.nytimes.com/newsletters/the-daily?module=inline">subscribe to our newsletter</a>. </p><p>Background reading: </p><ul><li>No one wanted to miss out on the cryptocurrency mania. A global industry worth hundreds of billions of dollars rose up practically overnight.<a href="https://www.nytimes.com/2022/06/14/technology/crypto-industry-prices-fall.html"> Now it is crashing down</a>.</li><li>Celsius Network was managing more than $20 billion in assets. Last month, it became the latest crypto venture to<a href="https://www.nytimes.com/2022/06/13/technology/bitcoin-ether-price.html"> spiral into a crisis</a>.</li></ul><p>For more information on today’s episode, visit <a href="http://nytimes.com/thedaily?smid=pc-thedaily">nytimes.com/thedaily</a>. Transcripts of each episode will be made available by the next workday. </p>